Orchard Petroleum Receives Takeover Offer from Crosby
The Board of Orchard Petroleum Limited (ASX: OPL) has received an unsolicited approach from Eskdale Petroleum Pty Ltd that it intends to make a cash takeover offer for Orchard at $0.68 per share, subject to certain conditions. Eskdale is a wholly owned subsidiary of Crosby Capital Partners Inc., which together own approximately 11.89% of Orchard's total issued shares.
Orchard and Crosby are currently in discussions about the detailed terms and conditions of the Proposed Offer.
Until Orchard's directors have issued their formal recommendation regarding the Proposed Offer, shareholders are advised to take no action.
The Board is seeking to maximize value for all shareholders and will advise shareholders about the progress of discussions with Crosby as soon as practical.
Orchard has appointed Gresham Advisory Partners as its financial adviser and Allens Arthur Robinson as its legal adviser.
Orchard is an oil and gas production, development and exploration company based in Melbourne with a wholly owned subsidiary, OP Inc., which has operations focussed in California's prolific hydrocarbon Sacramento and San Joaquin Basins.
Orchard has nine projects which includes an extensive land position covering over 100,000 acres. These projects include: South Belridge, Forbes Gas, Southeast Lost Hills and Turk Anticline along with an exploration joint-venture involving 5 projects with Aera Energy, LLC, which is jointly owned by Shell and ExxonMobil.
- Crosby Capital Announces Successful Takeover Bid for Orchard (Mar 13)
- Orchard Spuds Citrus #7 at Southeast Lost Hills (Jan 08)
- Heavenly 2-28 Well Misses Mark (Dec 21)